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A new chapter for Tongaat Hulett
Summary by KZN Industrial & Business News
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1 Articles
A new chapter for Tongaat Hulett
THE Industrial Development Corporation (IDC), Vision consortium, and the company’s business rescue practitioners (BRPs) reached an agreement that should see the company exit business rescue within 90 days. In terms of the agreement, about R12 billion in debt and R2.5 billion paid by the IDC in post-commencement funding will be converted to equity, according to Business Day. The IDC will thus own a stake in the group’s operations in Mozambique an…
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